Pune, Nov. 25, 2020 (GLOBE NEWSWIRE) -- The global automotive seat belt market size is expected to showcase considerable growth by reaching USD 18.18 billion by 2027 while exhibiting a CAGR of 5.3% between 2020 and 2027. This is attributable to the increasing adoption of technology and the implementation of stringent road safety regulations that drives the adoption of automotive seat belts across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Automotive Seat Belt Market Size, Share & COVID-19 Impact Analysis, By Type (Two Point, Three-Point and Others), By Vehicle Type (Passenger Car, Commercial Vehicle) and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 12.04 billion in 2019.
Halted Manufacturing Automotive Activities amid COVID-19 to Hinder Growth
The ensuing lockdown amid the novel coronavirus announced by the government has led to a complete halt in production activities globally. The automotive and transportation sector is experiencing unprecedented economic loss owing to reduced production and sales of automobiles. Additionally, a major disruption in the supply chain and procurement of raw materials is further expected to restrain the market growth in the near future.
An automotive seat belt is a type of vehicle safety devices specially designed to secure the occupants against external factors such as a collision in sudden stoppage. These belts consist of components such as the retractor, seat belt tongue, webbing, and seat belt buckle. The conscious adoption of seat belts in automobiles drastically minimizes the risk of injuries that can be fatal at times.
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What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
DRIVING FACTORS
Increasing Adoption of Advanced Technology to Augment Growth
The rising road casualties are propelling the automakers to adopt innovative approaches to improve the safety and security of automobile occupants. The integration of modern technologies such as artificial intelligence (AI) and machine learning in the development of sophisticated automotive seat belts to improve traffic conditions and infrastructures is expected to bode well for the growth of the market. In addition to this, a global framework plan of action for better road safety by government organizations such as the United Nations Road Safety Trust Fund is expected to contribute to the growth of the global automotive seat belt market in the forthcoming years.
SEGMENTATION
Passenger Car Segment is Expected to Remain at the Forefront
The passenger car segment, based on vehicles, is expected to experience significant growth and dominance backed by the growing production of passenger utility cars such as SUVs, premium cars, and electric vehicles.
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REGIONAL INSIGHTS
Asia-Pacific Backed by Increasing Automotive Sales Generated USD 7.26 Billion Revenue in 2019
Among all the regions, Asia-Pacific is expected to dominate and hold the highest position in the global automotive seat belt market in the forthcoming years. This dominance is attributable to the surging demand for automobiles backed by improving living standards and high disposable income in countries such as India and China in the region.
North America, on the other hand, is anticipated to showcase exponential growth and hold the second position in the market during the forecast period. This is ascribable to factors such as the implementation of stringent road safety regulations that propel the adoption of innovative automotive seat belts in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
General Motors & Autoliv Focus on Introducing Advanced Products to Strengthen Market Positions
The global automotive seat belt market is fragmented by the presence of key players such as Autoliv and General Motors, among others. These companies are focusing on investing in the development of innovative automotive seat belts in the wake of the surging demand for sophisticated automobiles, along with electric vehicles across the globe. The other major companies are striving to maintain their presence by adopting strategies such as merger and acquisition, partnership, and collaborations and further expand their horizon that will bode well for the market growth.
Key Industry Development:
July 2020 - Hazen.ai announced the successful trial of its innovative automotive seat belt and mobile phone enforcement solutions. According to the company, the artificial intelligence (AI) powered solution provides over 90% accuracy of the mobile phone and seatbelt violation to the authorities to prevent road mishaps and compel the occupants to follow road safety rules.
List of the Companies Operating in the Global Automotive Seat Belt Market:
- ZF Friedrichshafen AG (Germany)
- Hyundai Mobis Co. Ltd (South Korea)
- Faurecia (France)
- General Motors (United States)
- AB Volvo (Sweden)
- GWR Co. (United Kingdom)
- Goradia Industries (India)
- Autoliv (Sweden)
- Ashimori Industry Co., Ltd (Japan)
- Robert Bosch GmbH (Germany)
- Other Players
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/automotive-seat-belts-market-102178
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Automotive Seat Belt Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Two Point
- Three Point
- Others
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicles
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…!
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